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You’re busy operating your company day-to-day, so you may not have time to do your accounting and bookkeeping, but they are very important to the health of your company. Here are the six accounting tasks that your organization needs done today: Bookkeeping management/cleaning up the books Reviewing transactions for accuracy, completeness, and making sure they’re being coded to the proper account. Doing this enhances the quality of your accounting data, and you can’t produce u

What does it cost to make a cup of coffee? You might say it’s just the water, beans, and additions that go into the cup. That’s sound reasoning. A cup of coffee consists of its ingredients. Fair enough. You could also include the cost of the labour to prepare and serve the cup of coffee. Your drink doesn’t get into your mug according to your specifications without somebody putting it there, right? Others would say that the coffee shop’s fixed costs, like rent and utilities, s

If you scour the internet, you’ll find approximately one billion and six articles on strategy, so it can be hard to figure out what strategy is and how to set your own strategy. To put it simply, strategy is a set of activities undertaken to achieve a mission. But how do you determine what these activities should be? You can try the following method: Establish your vision, mission, and values Starting here will help you make it clear where you want the organization to go. Wh

When it comes to acquiring productive assets for your organization, you will often have a choice to either purchase the asset outright (with either cash or debt), or to lease or rent it. There are several factors to consider when deciding which way to go. Speed of depreciation If the asset holds its value, buying may be better because you’ll be able to recoup more of your purchase cost when you decide to replace it. An asset with low depreciation might have lower lease paymen

There can be a lot of things to do during a workday in a small business or non-profit so that the trains run on time – so many things that may be beyond the capacity of those involved to remember to do regularly. How do you make sure that the activities and outcomes that are supposed to happen in an organization indeed happen? That is the role of a management control system – a series of reinforcing rules, policies, and procedures that ensure the delivery of desired results.

In any organization, you will encounter risks that may prevent you from getting to where you want to go, and it can be difficult to keep track of them and what to do about them. These risks can be strategic or operational. For example, if you’re in the manufacturing sector, your risks could be the breakdown of a critical machine; a disruption in the timely receipt of raw materials; or the diminished reputation of your product quality due to the actions of a downstream custome